Egypt is safe from international economic instabilty: IMF official

The IMF’s Egypt Resident Representative Reza Baqir said on Monday that the economic reform measures adopted by the Egyptian government over the past few years have helped spare Egypt the crises currently happening in other emerging markets, such as Argentina and Turkey.

Addressing the Euromoney conference, which kicked off in Cairo on Monday, Baqir said that the Egyptian economy is safe from any economic fluctuations at the international level.

The world economy is still achieving promising growth rates at a level of 3.9 percent, he added.

Egypt begun implementing a major package of economic reforms in 2016, floating the country’s currency and cutting energy subsidies.

The country has received $8 billion of a three-year $12 billion loan from the International Monetary Fund, which was agreed in November 2016.